As any DIY or home improvement fan knows, flipping a home looks either like the greatest investment in the world or the renovation disaster from hell. But, if you end up heading to one of these cities to tackle the project, you might just find yourself in the former situation.
According to a report from 24/7 Wall St., which compiled the latest data from RealtyTrac to determine the average flipped home price and gross profit and calculate the return on investment for home flipping across the nation (see below for more details), these are the metro areas where it's worth breaking out the sledgehammer.
To determine the 10 best cities for home flipping, 24/7 Wall St. reviewed return on investment figures from RealtyTrac. These figures are based on the pre-flip and post-flip average price for homes, where RealtyTrac defines as “any transaction that occurred in the [past] quarter where a previous sale on the same property had occurred within the last six months.” Returns represent gross profit and do not include costs such as repairs and maintenance. RealtyTrac also provided institutional, cash and distressed sales figures as of March, as well as median sales prices and median listing prices as of February. We also reviewed home price data from the Federal Housing Finance Authority (FHFA) and unemployment rates from the Bureau of Labor Statistics (BLS).
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